Need agent for registration of non-resident company and bank account

Discussion in 'Cyprus Company formation' started by Coffee, Nov 4, 2018.

  1. Coffee

    Coffee New Member

    Hi

    I would like to register a non-resident company in Cyprus and open a bank account in order to save costs and to achieve privacy. Do you know any good agents and what are the typical costs (and required time)?

    If I use a nominee director and engage online freelancers to perform the work while I live in a country which has a double tax treaty, what could be the tax consequences? Would some income be taxable in Cyprus?

    High-level overview of the activities of the non-resident company
    Industry: Blockchain and Crypto space
    Services: Advisor for crypto portfolios (weightings, constituents etc), publication of news and market updates
    Revenue: Management fee and advertising income

    Is Cyprus the right location?

    Thanks
     
  2. Nanoo

    Nanoo Active Member

    Regarding the bank account it's complicated nowadays, it seem they decline & close banks accounts of shell companies in cyprus
     
  3. Admin

    Admin Forum Moderator The Forum Cleaner

    You may setup a small real office in Cyprus and you are good to go. If you don't want to do that, you want to look into other banks as mentioned here already. EMI accountsl ike Mister Tango, Transferwise and LeuPay are some of them.
     
  4. blueweb

    blueweb Corporate Services Mentor Group Business Angel

    this makes it impossible to get any real banking. The company setup is not the problem, you can get that done almost everywhere i.e. Belize, Seychelles, St. kitts, Dominica wherever you want but the banks will reject your application. Only possible option I see is use Mister Tango or similar service for banking alternatives.
     
  5. Coffee

    Coffee New Member

    Thank you for your answers.

    I know it is difficult with bank accounts. However, I don't trade with crypto and don't accept any crypto money from clients. This should make a difference.

    I want the company in the EU due to marketing reasons and trust.

    Do you know any agents for Cyprus with experience? What I want to avoid is to open a company with no bank account... aren't there any banks in Cyprus with less strict rules?
     
  6. Milky Moon

    Milky Moon Offshore Research & Development. Business Angel

    If trust is important, using a nominee will not be very helpful.
     
  7. Admin

    Admin Forum Moderator The Forum Cleaner

    No there are no banks in Cyprus with less rules, the opposite is the case! As soon as they hear the word crypto they will reject your application.

    You will need to find an EMI or a bank that is crypto friendly, however, as you already have figured out, this is the difficult part.
     
  8. Coffee

    Coffee New Member

    Thank you for your answers.

    - It is a legitimate business and will be approved by regulatory authority in my home country (pending).
    - I want to open the LTD in Cyprus due to cost arbitrage as I live in a very expensive country.
    - Furthermore, anonymity is of importance to me. I do not want that everyone knows what I do (business).

    If I don't use a nominee director, what will show up in public registers in Cyprus? Will a simple Google search show everything? Is the nominee solution useless if I open a bank account in my own name (as the counterparty see the ultimate beneficiary of the account)?

    Thank you!
     
  9. Nanoo

    Nanoo Active Member

    Without nominee you'll show up online as director of the company.
     
  10. Admin

    Admin Forum Moderator The Forum Cleaner

    Yes as already mentioned here, without nominees your name will show up on the public registry of companies in Cyprus! You will need to appoint nominee director and shareholder to avoid this to happen. Doing so will require a PoA which you want to request from your agent! It's required to be able to manage the company.
     
  11. Coffee

    Coffee New Member

    Just had a look at the department of registrar. Only the Directors & Secretaries are published.

    Search Results

    However there are other services that provide such information Cyprus Registry

    What are the typical annual costs for renewal, nominee director / shareholder / audit? EUR 2.5k?

    @ Admin: Do you offer coaching services on a hourly basis? Do you know any reputable agents / law companies?
     
  12. Admin

    Admin Forum Moderator The Forum Cleaner

    Well you can search the forum as well as checkout the signatures on the different service providers.
     
  13. blizz

    blizz Trusted Member Mentor Group Business Angel

    A Cyprus company will work fine for this business activity and even look more legit compared to HK, Belize and the most common jurisdictions used around.

    The consultancy firm I founded back 2 years is located in Cyprus, my customers have trust in it and didn't asked question compared to what they did when I started out with Seychelles corp.
     
  14. happyjohn

    happyjohn Corporate Services Entrepreneur Business Angel

    So using nominee director will hide the real owner of the company? That's good to know.
     
  15. rakuten

    rakuten New Member

    Yea some good information, nominee sounds like a good way to go if want stay hidden